Over 100 Crypto Firms Push Senate for Action on US Market Regulation Bill

A group of more than 100 US-based cryptocurrency companies and trade associations has urged the Senate Banking Committee to advance the Clarity Act, a bill aimed at establishing a comprehensive federal framework for the crypto market. In a letter addressed to committee leaders, the coalition argued that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to 'enforcement-based regulation' as seen in a series of court cases involving the SEC and CFTC under the Biden administration. The signatories, which include prominent companies such as Coinbase, Circle, and Ripple, as well as developer groups and state blockchain associations, have identified six key priorities for lawmakers. These include the preservation of consumer rewards associated with payment stablecoins, clear oversight roles for the SEC and CFTC, and safeguards for developers of non-custodial tools. The coalition also advocates for streamlined disclosure rules and a federal standard to prevent a fragmented regulatory landscape across states. The group warned that the lack of US legislation could lead to investment, jobs, and development shifting overseas, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'The US needs comprehensive, clear rules for digital asset markets to lead in this global competition.' Kim emphasized that the Senate Banking Committee can build on previous bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving the US closer to setting the global standard for digital asset markets.